Vietnam: Traders Short Selling Lower HRC Export Offers

Indian HRC export offers to Vietnam declined further by USD 10- 15/MT as traders are short selling the material and trying to conclude deals at USD 435-440/MT CFR basis, shared by Vietnam sources. Last week traders heard short selling Indian HRC at USD 450/MT, CFR for end April -May shipments.

Increasing intensity of COVID 19 and lockdown in various countries as a precautionary measure has resulted to depreciation of INR against USD. INR is trading at 76.4 against USD which was at 74 a week back. This has led to decline in HRC export offers to Vietnam. Meanwhile Chinese steel